ARGENTINA Don Nicolas Don Nicolas is an open-pit gold mine owned and operated by Minera Don Nicolas S.A., a wholly-owned subsidiary of Cerrado Gold, Inc. (“Cerrado”) and is located in the mineral-rich Deseado Massif in the Province of Santa Cruz, Argentina. Don Nicolas comprises a series of tenements within a greater block of exploration leases totaling some 2,730 square kilometers in area, with mining activities having been carried out on the Martinetas, La Paloma, and Calandrias Norte areas. ROYALTY OPERATOR Cerrado Gold, Inc. MINERALIZATION STYLE Low-Sulfidation Epithermal Au MINE TYPE Open-pit METAL(S) Gold, Silver PRODUCT Doré ROYALTY 2.0% NSR (all metals) YEAR OF ACQUISITION 2000 TERM OF ROYALTY Life of Mine MINE LIFE 2029 1 Operational Overview Operations at Don Nicolas commenced in 2018 and use a hub-and-spoke model feeding a central mill. Higher-grade ore is processed with a conventional crushing and grinding circuit followed by a carbon-in-leach (CIL) circuit for gold recovery. The rated capacity of the plant is 1,000 tonnes per day, and gold recovery averages over 90%. In mid-2023, Cerrado began placing lower-grade ore on the new Calandrias heap leach pad. 2025 OPERATOR GUIDANCE 50,000 to 55,000 gold equivalent ounces. 2 LONGER-TERM OPERATOR OUTLOOK In August 2024, Cerrado reported the results of a Preliminary Economic Assessment (PEA) for Don Nicolas which estimates average annual production of approximately 56,000 gold equivalent ounces. 1 Royal Gold’s Royalty Interest Royal Gold holds a 2.0% net smelter return (NSR) royalty on all metals produced from areas subject to our royalty interest at Don Nicolas, which was acquired in 2000. 1 Source: Cerrado Gold, September 19, 2024, Technical Report (PEA) and February 2025 Corporate Presentation 2 Source: Cerrado Gold, January 15, 2025, Press Release 3 Source: Cerrado Gold, August 6, 2024, Press Release Introduction Attributes of Our Business Portfolio Overview Expected Performance and Outlook Portfolio Details Reference Materials 105